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Waterstone Mortgage Corporation
Independent Mortgage Company•Pewaukee, WI•Direct to Consumer
We analyzed every closed loan from Waterstone Mortgage — 6.3k loans across 9k applications— and benchmarked them against peer lenders across the 4 Ps of Mortgage Shopping.
Pricing
Mediocre
vs. all lenders
Pull Through
Strong
closing strength
Products
Exceptional
FHA · Conventional · VA · Jumbo · USDA
Place
Strong
National · 49 mkts
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Safe Rate's Summary
What They Do Well
- Strong pull through performance
- Particularly strong in Conventional and FHA and VA and Jumbo and USDA loans
- Nationwide availability with consistent service
Things to Think About
- Rates typically 51 basis points above market average
- Higher than average fees ($4,303)
Explore another lender or local market
Report Card
Waterstone Mortgage Corporation performance at a glance
| Category | Score | vs. Peers |
|---|---|---|
Overall Performance· Pricing & closing strength | ||
Pricing Rate competitiveness | Below peers +50.5 bps above market avg | |
Pull Through Closing strength | Highly Competitive Top 40% of lenders | |
By Loan Product· Specialization by type | ||
Conventional | Market Leader Top 20% of lenders | |
FHA | Market Leader Top 20% of lenders | |
VA | Market Leader Top 20% of lenders | |
Jumbo | Highly Competitive Top 40% of lenders | |
USDA | Market Leader Top 20% of lenders | |
By Loan Purpose· Transaction purpose mix | ||
Purchase | Market Leader Top 20% of lenders | |
Refinance | Highly Competitive Top 40% of lenders | |
By Location· Geographic coverage | ||
Geographic Reach Coverage footprint | Highly Competitive Top 40% of lenders National50 markets | |
Loan Product Performance
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | 3,951 | 62.5% | +0.440%Above | $4,159Fees | ||||
FHA Loans | 1,692 | 26.8% | +0.862%Above | $4,635Fees | ||||
VA Loans | 564 | 8.9% | -0.010%Below | $4,748Fees | ||||
Jumbo Loans | 58 | 0.9% | +0.404%Above | $3,109Fees | ||||
USDA Loans | 57 | 0.9% | +0.454%Above | $3,772Fees |
Loan Purpose Performance
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | 5,844 | 92.4% | +0.514%Above | $4,307Fees | ||||
Refinance | 478 | 7.6% | +0.408%Above | $4,254Fees |
At a Glance
Lender Overview
Lending Activity
Loans Originated
6,322
Applications
8,642
Volume
$2 billion
Pricing & Closing
Avg Rate Spread
+0.505%
vs. market APOR
Avg Net Fees
$4,303
Origination − Credits
Pullthrough Rate
73.2%
Applications → Closed
Typical Borrower
Avg Loan Amount
$321,787
Avg Borrower Income
$131,102
Avg Property Value
$403,749
Geographic Coverage
Geographic Performance
Metro Areas
49
States Served
48
We count Washington DC as a state
Avg Place Specialization
States with Loan Originations
AKALARAZCACOCTDCDEFLGAIAIDILINKSKYLAMAMDMEMIMNMOMSMTNCNDNENHNJNMNVOHOKORPARISCSDTNTXUTVAVTWAWIWV
Top Metro Areas by Place Specialization Score
1
Albuquerque, NM, NMMSA
Volume: 1,030Mix: 16.29%of portfolio
Place
Exceptional2
Santa Fe, NM, NMMSA
Volume: 98Mix: 1.55%of portfolio
Place
Exceptional3
Farmington, NM, NMMSA
Volume: 49Mix: 0.78%of portfolio
Place
Exceptional4
Deltona, FLMSA
Volume: 301Mix: 4.76%of portfolio
Place
Exceptional5
Crestview, FLMSA
Volume: 118Mix: 1.87%of portfolio
Place
Strong6
Orlando, FLMSA
Volume: 369Mix: 5.84%of portfolio
Place
Strong7
Las Cruces, NM, NMMSA
Volume: 100Mix: 1.58%of portfolio
Place
Strong8
Blacksburg, VAMSA
Volume: 61Mix: 0.96%of portfolio
Place
Strong9
Tulsa, OK, OKMSA
Volume: 265Mix: 4.19%of portfolio
Place
Strong10
Odessa, TX, TXMSA
Volume: 69Mix: 1.09%of portfolio
Place
StrongShowing 10 of 49 metro areas
Top States by Place Specialization Score
1
NMState
Volume: 1,432Mix: 22.65%of portfolio
Place
Exceptional2
FLState
Volume: 1,343Mix: 21.24%of portfolio
Place
Strong3
OKState
Volume: 336Mix: 5.31%of portfolio
Place
Strong4
WIState
Volume: 352Mix: 5.57%of portfolio
Place
Strong5
AZState
Volume: 367Mix: 5.81%of portfolio
Place
Strong6
VAState
Volume: 299Mix: 4.73%of portfolio
Place
Strong7
TXState
Volume: 495Mix: 7.83%of portfolio
Place
Strong8
IDState
Volume: 172Mix: 2.72%of portfolio
Place
Strong9
KSState
Volume: 99Mix: 1.57%of portfolio
Place
Strong10
MOState
Volume: 171Mix: 2.70%of portfolio
Place
StrongShowing 10 of 35 states
How We Rank Lenders
Our rankings use geometric mean scoring across equally-weighted categories. This rewards lenders who perform consistently well across all metrics, not just excel in one area.
Our Point System (Max 30 Points)
10
Pricing
Rate and fee competitiveness (33%)
10
Pull Through
Reliability in closing loans (33%)
10
Product
Specialization in the loan type (33%)
💎
Champion(80%+ = 24-30 points)
⭐
Superstar(60-79% = 18-23 points)
Data Integrity & Updates
Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.
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The 4 PsRankings are calculated based on observed lender differences on closed loans across Pricing, Pull-through, Product, and Place.
No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.
HMDA 2024Built using publicly available originated loan data from the federal government.
Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.